Wenger: We won't spend crazy money

Arsene Wenger today declared people were in “dreamland” if they expected Arsenal to break the bank during the January transfer window, and warned football was not immune to the credit crunch.

The Gunners head into the new year already behind in the Barclays Premier League title race – back in fifth, some 10 points off leaders Liverpool – while also without key men like captain Cesc Fabregas and England winger Theo Walcott because of injury.

Wenger is expected to look to strengthen his depleted squad, most likely in midfield, this month.

Russia playmaker Andrei Arshavin continues to be linked with a £20m move away from Zenit St Petersburg, but the Arsenal boss today played down reports Everton’s Spain international Mikel Arteta was another target.

However, given the current economic downturn, Wenger maintains acquiring a new man will not be at any cost – and only if an “exceptional talent” can be found.

“We have a specific budget which is not as big as I have read in the newspapers, some ridiculous amounts of money that are completely crazy. But we will try to use it wisely and well if we can,” he said.

“This team is together, getting stronger and stronger – but what we need to focus on is continually developing and not live in dreamland where we are linked with players of £30m or £40m because that is not realistic.

“We have a very, very good squad and we will go for an exceptional talent only - but if it is just to have one player more, we will not do it.”

Wenger added: “At the moment, people in football are not conscious of what is facing us economically.

“People still think we are in a bubble, but we will be hit like anybody else in this economical crisis, I am convinced of that."

Arsenal have a long-term debt commitment following the move to their new, 60,000-seater home at Ashburton Grove – and Wenger maintains the Gunners must continue to live within their means.

“What is most important is the club has built a new stadium and we live in a very strong and healthy situation financially,” he said.

Wenger does not expect any of his players to leave this month – including defender Kolo Toure, who had a transfer request, lodged in the wake of a disagreement over team selection, firmly rejected.

“The situation is that Kolo is a player who has two-and-a-half-year contract and will remain with us,” said Wenger.

Arsenal’s last trophy came when they won the FA Cup in 2005, and they face Coca-Cola Championship side Plymouth in the third round at Emirates Stadium tomorrow.